High-level working group on green and sustainability Sukuk releases its second report at COP28

High-level working group on green and sustainability Sukuk releases its second report at COP28

  Global Green and Sustainability Sukuk issuance exceeded $10 billion by the third quarter of 2023 compared to $9.4 billion in 2022, according to London Stock Exchange Group (LSEG) data. Indonesia, Malaysia, and Saudi Arabia have raised 77% of the total value of cumulative issuance as of Q3 2023 ESG sukuk issuance from GCC-based entities was $6.1 billion during the first nine months of 2023, nearly double their 2022 full-year level. UAE-based corporates issued a record $3.9 billion worth of these sukuk, accounting for 38% of the global total, making the UAE the largest issuance base for ESG sukuk to date in 2023. Corporate issuers have become increasingly active in the green and sustainability sukuk market, accounting for 65% of issuance by the third quarter of 2023, an increase from 41% in 2022. Global Green and Sustainability Sukuk issuance exceeded $10 billion by the third quarter of 2023, according to LSEG data published today by the High-Level Working Group (HLWG) on Green and Sustainability Sukuk. As part of the Global Ethical Finance Initiative’s (GEFI) COP28 Unlocking Islamic Finance Summit held at the Dubai International Finance Centre (DIFC), the HLWG published its second report entitled “Financing a Sustainable Future: Green and